ProAssurance Corporation reported a net loss of $59.375 million for Q4 2019, compared to a net loss of $24.450 million in Q4 2018. The results were negatively affected by underwriting results on a large national healthcare account within the Specialty Property & Casualty segment.
Results for the quarter were negatively affected by underwriting results on a large national healthcare account written in the Specialty Property & Casualty segment.
Adverse development of approximately $44.5 million in prior accident year reserves.
Consolidated net premiums earned for the quarter increased $12.4 million, or 6.1%, from the year-ago quarter to $214.4 million.
Net realized investment gains were $12.8 million, compared to losses of $46.1 million in the prior-year period.
ProAssurance anticipates transformative changes with the NORCAL transaction, focusing on balance sheet integrity, organizational efficiency, and growth.
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